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OCBC Bank rolls out mobile payment solution for corporates
Virtual purchasing card enables firms to digitalize and streamline payment requirements
The Asset 12 May 2021

OCBC Bank has launched a virtual purchasing card which enables businesses to digitalize and streamline all their payment requirements. The offering, leveraging the Visa Commercial Pay mobile solution, provides real-time visibility of their employees’ spending and captures enhanced data for automatic reconciliation. With such data, firms can conduct more effective price negotiation with suppliers.

Visa Commercial Pay enables the employees and non-employees of OCBC corporate customers to request virtual cards on demand via their mobile app and use the virtual cards for making mobile contactless, in-app and online payments at all Visa accepting merchants. This reduces the need for employees and non-employees such as contract staff and visiting delegates, to pay out of their own pockets first as the card can be instantly issued even for ad-hoc transactions.

The OCBC Virtual Purchasing Card also features two other B2B payment offerings: the Visa Commercial Pay B2B and the Visa Commercial Pay travel. Visa Commercial Pay B2B is a digital platform that allows corporates to generate unique virtual card numbers with pre-defined control parameters and customized data fields for each invoice payment to their suppliers.

Visa Commercial Pay travel enables businesses to centrally manage their business travel spend, such as air travel, hotel, rail and car rental. The solution seamlessly integrates into business travel reservation processes and can deliver enhanced travellers’ data, full spend visibility and automated expense reconciliation through the use of unique virtual card numbers for each booking. Travellers are also able to view their travel reservations together with their trip spend within the Visa Commercial Pay mobile app.

Virtual cards issued under the OCBC Virtual Purchasing Card programme can be for single or recurring use, with pre-defined control parameters such as spending limit, validity period, or even category of goods and services.

Singapore University of Social Sciences is the bank’s first customer to sign up for the solution and will be piloted to its employees in the second quarter of 2021. They will be able to use their virtual commercial cards across a range of procurement scenarios, including items like software licences, subscription fees and payments for travel booking. Currently, university employees use personal cards to pay for certain corporate purchases and seek reimbursements thereafter.

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